Bytedance-Owned Pico Reportedly Lays Off Hundreds of Employees

 

With various technology companies reducing their workforce, companies based in China are also seen not to be spared. Most recently, it was reported that Pico, one of the companies that focused on the development of virtual reality and metacity, was also affected, and threw out hundreds of their employees.

Pico was previously acquired by Bytedance in 2021, and is positioned as one of the competitors for Meta in the virtual reality and metacity arena.

Pico is seen as one of the industries that will receive high demand, after the success of TikTok which also operates under Bytedance.

In fact, Pico is actively moving faster than other competitors, and has also started marketing their products for the Malaysian market.

Bytedance did not comment on the matter, but it said the terminated employees will be compensated based on how many years they have been on the job.